Revenue Cabinet v. Cox

MILLER, Judge.

The Revenue Cabinet appeals from a judgment of the Whitley Circuit Court holding that an inheritance tax on intangible personal property held by a co-owner or third-party beneficiary in a survivorship1 account or certificate is violative of both the United States Constitution and the Kentucky Constitution. This has the effect of rendering the Revenue Cabinet incapable of collecting such a tax under the provisions of KRS 140.010 and .050.

The facts underlying this matter were stipulated at the trial level. The matter concerns “at least $142,818.65 of intangible personal property…